AIGF, a Mitsubishi subsidiary focused on markets inside the Association of Southeast Asian Nations, recently raised capital to launch a new fund from institutional investors and others in Japan and abroad.

AIGF envisions investing ¥2 billion to ¥4 billion in each company. It will focus on unlisted businesses in fields like food and logistics, which are expected to enjoy a boost from e-commerce and the shift to digital technologies.

AIGF has already invested several billion yen each in a meat distributor in the Philippines and a Singapore-based logistics company whose specialities include transporting semiconductor-manufacturing machinery and other precision equipment. The money will be used to expand their logistics networks and make digital upgrades.

Mitsubishi Corp, whose businesses span energy, minerals, cars and food, will also provide access to its retail know-how and client network.

AIGF plans to invest in three to five more companies.

This is AIGF’s second fund. The company raised US$176 million for its fund launched in 2015.

The previous fund invested in three companies, including the Thai operator of KFC fried-chicken restaurants. Malaysian upscale supermarket chain Jaya Grocer, which is also on the list, grew its earnings before interest, taxes, depreciation and amortisation roughly fivefold before AIGF divested.